Enterprise Oilfield Group, Inc. Announces Private Placement

Enterprise Oilfield Group, Inc. ("Enterprise" or the "Corporation") (TSX:E) announces that it has closed a private placement of 4,100,000 common shares of the Corporation ("Common Shares") at a price of $0.17 per share for gross proceeds of $697,000 (the "Offering"). In connection with the Offering, the Corporation paid a commission to an arm's length third party in the amount of $69,700 and issued to such party warrants to purchase 410,000 Common Shares at a price of $0.17 per share for a period of one year. The proceeds from the Offering will be used for working capital and general corporate purposes.

Enterprise Oilfield Group, Inc. is a construction services company operating in the energy, utility and transportation infrastructure industry. The Corporation's focus is primarily underground construction and maintenance and above ground plants and facilities. The Corporation's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth.

SOURCE: Enterprise Oilfield Group, Inc.

Enterprise Oilfield Group, Inc.
Leonard D. Jaroszuk
President & CEO
(780) 418-4400 or Toll Free: 1-888-303-3361
(780) 418-1941 (FAX)
Enterprise Oilfield Group, Inc.
Desmond O'Kell
Vice President, Corp. Development
(780) 418-4400 or Toll Free: 1-888-303-3361
(780) 418-1941 (FAX)
contact@EnterpriseOil.ca
www.EnterpriseOil.ca

Related terms: acquisition, construction, corporate, human resources, oilfield, Private Placement, transportation, utilities